According to a recently published report on the automotive interior materials market, analyzing global growth from 2014-2018 and a forecast for 2019-2029, the automotive interior materials market is poised for innovations focused on customization and sustainability.
The automotive interior materials market report projects that the passenger vehicle segment in vehicle type and the fabric segment in material type are likely to make substantial progress and create opportunities in the global automotive interior material market with respect to both market volume and value during the forecast period. The market value of the global automotive interior material market was valued at $98.9 billion in 2018. The automotive interior material market is anticipated to grow substantially at a compound annual growth rate of 6% during the forecast period.
‘Green’ Automotive Interior Materials Creating Buzz‘
The automotive interior materials market is being driven by the notable rise in the demand for “green” materials to maintain sustainability in the environment. Automotive interior materials hold a prominent market share in developing countries of the world, such as India and China.
In addition, governments and authorities in several countries encourage the use of lightweight and novel polymers in automotive interiors to reduce carbon emissions and lower energy consumption levels. Consumers all over the world are preferring aesthetic and innovative designs in automobile interiors with greater comfort. These factors play a vital role in the rising sales of automotive interior materials, which is further estimated to increase the growth of the automotive interior material market over the forecast period.
In addition, the increasing demand for connected, autonomous and electric vehicles will spur several manufacturers to create custom innovative interiors based on consumer demand. Market players are coming up with advanced design capabilities and processing technologies in manufacturing automotive interior materials. This factor is creating opportunities for the development of lightweight materials and novel polymers and is expected to significantly impact the growth of the automotive interior materials market.
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